Labour Regulations Update in July 2023

I. Official letter No. 3205/TB-BHXH of Ho Chi Minh City Social Insurance on the contents of statutory payment

On 5 July 2023, Ho Chi Minh City Social Insurance issued the Official Letter No. 3205/TB-BHXH (“Official Letter 3205”) to Employers in Ho Chi Minh City on the content of statutory payment according to the structure prescribed by the Social Insurance (“SI”) authority.

As per the instructions:

• In case the Employer uses the SI payment utility on the Bank’s Mobile banking application: enter and select payment information.
• In case the Employer prepares a payment order to transfer money through other channels, in the payment order the Employer must clearly state:
  Payment structure: “+BHXH+103+00+Company SI code+SI authority Code+SI payment+”
• When transferring the payment or making direct payment at the Bank, the Treasury, the Employer should notify the Bank, the Treasury where the account is opened or where the payment is made to fully state the payment information as instructed.

We recommend that Employer follows the correct payment structure according to the instructions of the local Social Insurance Agency for the purpose of quickly and accurately record and reconciliation to serve the benefits of the SI’s participants.

II. Official letter No. 3095/BHXH-TST of Ho Chi Minh City Social Insurance on foreign exchange rates applicable for the last 6 months of 2023

On 3 July 2023, Ho Chi Minh City Social Insurance issued the Official Letter No. 3095/BHXH-TST (“Official Letter 3095”) to Employers in Ho Chi Minh City on foreign exchange rates applicable for the last 6 months of 2023.

Accordingly, the conversion rate of foreign currency in Vietnam dong will be implemented from 1 July 2023 for the last 6 months of 2023, for Employees whose wages and salaries are stated in the labor contract in foreign currency as: 23,800 VND/USD (Twenty three thousand eight hundred dong).

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